Investment Objective    Moderate Growth Custodian    Fidelity Investments

Account Minimum    $50,000 Program Inception Date    11/12/1979

Objective: To participate in global market growth while providing a moderate level of risk reduction. Description: As PFM's flagship investment program, Navigrowth affords the Investment Committee the greatest flexibility in their investment decisions. The program is able to utilize a wide variety of investments, including but not limited to sector funds, country-specific funds, bond funds, exchange-traded funds, and government security funds. Allocations can vary from highly diversified to highly concentrated in order to take advantage of the current, and forecast, market environment. PFM's Investment Committee seeks to position the Navigrowth program conservatively during turbulent markets, and more aggressively when our market indicators are stronger. Risk-managed policies employ the use of cash or money markets during adverse conditions; these positions could at times be 100%. Prospective Client: Navigrowth is most appropriate for investors seeking the greatest possible returns with a moderate level of risk. Navigrowth clients should be comfortable with moderate levels of volatility as the Investment Committee works to generate the highest risk-adjusted returns. The typical Navigrowth investor is in the accumulation phase of their life.